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Thread: New Tax on Checks and Electronic Transfers

  1. #1
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    Default New Tax on Checks and Electronic Transfers

    The Tax Reform Bill signed into law by President Fernandez last week provides for a tax of 1.5 per thousand (0.15%) on every check or electronic transfer. Only cash withdrawals and payments to the Social Security Admnistration and the Dominican Government will be exempted from this tax.

  2. #2
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    Default Checks cashed at cambios

    Are checks cashed at cambios subject to this tax?

  3. #3
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    Mr. Guzman, Are electronic transfers of funds in the same bank billed by this tax? Between banks?

    Thanks.

  4. #4
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    Checks cashed at a Casa de Cambio will be subject to this tax.

    Transfers in the same bank from one person's account to another's will also be subject to this tax.

  5. #5
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    Default Per Cent rate

    Is this rate 1.5% ( .015% ) or 15% as listed ( .15% ) Or some thing else. There is a significant difference.

  6. #6
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    Quote Originally Posted by kfrancis
    Is this rate 1.5% ( .015% ) or 15% as listed ( .15% ) Or some thing else. There is a significant difference.
    It is 1.5 pesos/thousand pesos which equals .15%.

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